Now in the old setup, the PC would run but as soon as I went even to 2.9GHz (2.8 Stock), the system failed to start. I bought the new CPU,Mobo, RAM yesterday and windows has not even started once(everything on stock). I get the BSOD at start screen and it restarts. I also noticed that in the BIOS it showed CPU Temp 66C after the crash. I even put in my old 9800GT and the same thing happens. I think its the PSU because it is the only part common between the 2 builds. Please tell me its a case of a bad PSU.
You may simply need to format and reinstall windows. BSOD's are windows way of telling you that it can't find the old device drivers from your old motherboard. The new board is completely different. So try a fresh install of windows first.
Your CPU temperature is much too high and is a problem you will need to sort out, however I don’t think that this is the cause of your computers crash. I also don’t think that the power supply is the cause of your problems. You do realise that with a new motherboard you will have to reinstall Windows? If you put a hard disk with your old installation of Windows onto the new computer it will do as you described.